Bitcoin

rankandfile

rankandfile

Not My President
Sep 11, 2013
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Is anyone familiar with this digital currency? I can't believe in just 5 years of existence it is now being recognized as a legitimate currency for commerce. Even the Federal Reserve is vouching it's legitimacy. (take that, tin foil hat wearers!)
You can even buy a subway sandwich with 0.006 BTC
I wish I had bought some in January as it has gone form $100 or so to about $1200 in less than a year.
http://money.cnn.com/gallery/technology/2013/11/25/buy-with-bitcoin/index.html

131104103519-bitcoin-mining-620xa.png


do you think it is here to stay or just a fad?
 
rankandfile said:
Is anyone familiar with this digital currency? I can't believe in just 5 years of existence it is now being recognized as a legitimate currency for commerce. Even the Federal Reserve is vouching it's legitimacy. (take that, tin foil hat wearers!)
You can even buy a subway sandwich with 0.006 BTC
I wish I had bought some in January as it has gone form $100 or so to about $1200 in less than a year.
http://money.cnn.com/gallery/technology/2013/11/25/buy-with-bitcoin/index.html

131104103519-bitcoin-mining-620xa.png


do you think it is here to stay or just a fad?
Click to expand...

If you want to read some Illuminati conspiracy theory stuff, look at the people behind bitcoin. Given that lineage, i'd say yes, Bitcoin is the real thing.
 
XBoxNeo said:
If you want to read some Illuminati conspiracy theory stuff, look at the people behind bitcoin. Given that lineage, i'd say yes, Bitcoin is the real thing.
Click to expand...
hmmm. so the people behind bitcoin are illuminati?
 
They figured out the oldest trick in the book had an extra step they were missing.

1) Buy speculative currency
2) Tell paranoid people economy will collapse and convince them to buy
3) Sell speculative currency

Now it's:

1) Buy speculative currency
2) Make sure a black guy gets elected president
3) Tell people economy will collapse and convince them to buy
4) Sell speculative currency

Speculative currency can be replaced with "stock in guns and ammo companies" as well with the new second step.
 
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I found out about it a few years ago when looking into the SilkRoad stuff. Never used it but did try to mine it, seemed like it was taking so long with minimal results so I stopped... kind of wish I had just let my machine sit there and mine. Would have had a nice chunk of change by now with the way it's increased in value.
 
Seems like it will eventually crash hard, but I guess you could ride that conspiracy wave and trade while it's high.
 
metalsonic707 said:
Seems like it will eventually crash hard, but I guess you could ride that conspiracy wave and trade while it's high.
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well if virgin airlines is accepting it and others are I don't see why not. you are probably right about it crashing, but I don't think that will be for a while. its not like they are mass producing money like the fed reserve is
 
Heard about it when it first got started, i said it'll never catch on and those guys are crazy. kind of kicking myself right now.
 
bump....

I'm trying to think of ways to apply knowledge from my IT degree and wondering if Bitcoin Mining is realistic. I've heard the "difficulty" of mining now makes it consume to much time. That when you factor in the cost of electricity spent on running a mining computer you just can't come out ahead because it's to slow. Basically, in a year it would cost you more in electricity than you earned in Bitcoin.

I've been considering whether it would be worth it to get some cheap computers mining on another OS like FreeBSD with "cluster computing".
 
I've heard about it but I don't "get it". Maybe I'm too old.
 
Avoid it. It's no different than a penny stock. It peaked at $1,200 and a short time ago, the Chinese government cracked down on it and the value dropped to around $700.

Not sure how easy it is to get hold of, but if you can somehow get your hands on it, spec play with huge volatility.

Don't fall for all the hype. I think an article came out saying a Tesla Car or Ferrari was bought using bitcoins (something to do with a high end car), so they were trying to use that to legitimize the thing. Don't fall for it.
 
Intellivision said:
Avoid it. It's no different than a penny stock. It peaked at $1,200 and a short time ago, the Chinese government cracked down on it and the value dropped to around $700.

Not sure how easy it is to get hold of, but if you can somehow get your hands on it, spec play with huge volatility.

Don't fall for all the hype. I think an article came out saying a Tesla Car or Ferrari was bought using bitcoins (something to do with a high end car), so they were trying to use that to legitimize the thing. Don't fall for it.
Click to expand...
Well all stocks are tanking right now so all the more reason to buy in my opinion .
I am not so sure it is just "hype" since google, ebay and paypal are trying to figure ways to use it. And now you can buy a plane ticket on Virgin Air or tickets to a Kings game with it.
I wouldn't use China as a litmus test for credibility since China likes to keep their exchange rates unnaturally low and they just haven't figured how bit coin would effect that.
 
Videodrome said:
bump....

I'm trying to think of ways to apply knowledge from my IT degree and wondering if Bitcoin Mining is realistic. I've heard the "difficulty" of mining now makes it consume to much time. That when you factor in the cost of electricity spent on running a mining computer you just can't come out ahead because it's to slow. Basically, in a year it would cost you more in electricity than you earned in Bitcoin.

I've been considering whether it would be worth it to get some cheap computers mining on another OS like FreeBSD with "cluster computing".
Click to expand...
So how exactly does this mining work? What does it do?

I'm not asking so that I can help you judge whether to do it or not as I have absolutely no experience with it. I'm just interested.
 
My vague understanding is it involves CPU processing to solve "Hard Math". Overtime, as more miners successfully get Bitcoin payouts, they difficulty of the math is cranked up so much it takes like a year to get 1 Coin.

I was thinking I could apply my IT knowledge to chain Computers and CPUs together to function as a low end super computer.

I'm not sure if it's worth the effort of letting hardware just sit there crunching numbers to get some silly digital currency.
 
FBI raided one of the largest bitcoin exchanges today for money laundering. And that is all she wrote on bitcoin... Officially 2013 thing.

Correction: It was the largest bitcoin exchange.
 
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rankandfile said:
Well all stocks are tanking right now so all the more reason to buy in my opinion .
I am not so sure it is just "hype" since google, ebay and paypal are trying to figure ways to use it. And now you can buy a plane ticket on Virgin Air or tickets to a Kings game with it.
I wouldn't use China as a litmus test for credibility since China likes to keep their exchange rates unnaturally low and maybe they just haven't figured how bit coin would effect that.
Click to expand...
metalsonic707 said:
http://www.businessinsider.com/report-ceo-of-major-bitcoin-exchange-arrested-2014-1
Yeah that's pretty much the end of that.
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There has been an ongoing investigation in the use of Bitcoin for drug purchasing for abut two years now..
This is nothing new as drug traders on the "Silk Road" were the first to legitimize its use.
Bitcoin still has its positives.
I look it as just as valuable as gold. Its value is only in the minds of the beholders.
 
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